The THALES token is already live on Optimism and it’s bringing along new and exciting ways to earn rewards.
Gamified staking, as per TIP-17, will be a blast for THALES stakers but we didn’t want the fun to end there, so we’ve joined forces with Gelato to incentivize THALES liquidity on Optimism using the cutting-edge Gelato G-UNI framework.
Uniswap is, for the time being, the only suitable DEX to host a THALES LP on Optimism, and G-UNI is the first and so far only option to provide liquidity mining incentives for Uniswap V3 LPs.
The innovative use of NFTs to track Uniswap V3 liquidity is truly groundbreaking, but it makes providing traditional LP incentives a challenge. Thanks to Gelato’s G-UNI framework, these non-fungible V3 LP tokens can be converted to fungible and composable ERC-20 tokens so platforms can accept and incentivize liquidity provisioning for their token.
As of February 3rd, Thales will use Gelato to create a THALES/ETH Uniswap V3 pool which will incentivize LPs with 35,000 THALES per week for 10 weeks. You can find all the details in TIP-23. The G-UNI framework makes this possible by allowing LPs to stake their G-UNI LP tokens in the Thales LP Staking contract in exchange for a pro-rata share of these incentives. It will be up to the Thales Council to extend or update these rewards after the initial 10 weeks.
If you’re planning to provide liquidity and want to prepare your Gelato Uniswap THALES/WETH LP tokens for staking into the upcoming Thales LP Staking contract, here are the steps to follow:
- Step 1: Make sure you are connected to the Optimism layer 2 network. If you don’t have Optimism added to your wallet you can add it by going to chainlist.org, finding Optimism (ChainID 10), and clicking on “Connect Wallet”.
- Step 2: Acquire Wrapped Ethereum (WETH) that will be paired with your Optimistic Thales Tokens. You can wrap your ETH to WETH using this Uniswap link.
- Step 3: Add THALES+WETH liquidity to the G-UNI pool by using the Sorbet.finance dapp.
After you added THALES+WETH liquidity, you will be able to see Gelato Uniswap THALES/WETH LP tokens in your wallet, representing your share of liquidity in the G-UNI pool.
Once you have these Gelato Uniswap THALES/WETH LP tokens you’ll be able to stake them in Thales dapp here:
Disclaimer: Sorbet.finance UI on Optimism is still in beta stage, so a few considerations:
- The UI does not support WalletConnect.
- If you are having issues when accessing via the Brave Browser try and DISABLE your shield on the sorbet.finance website.
- Also, if you’ve interacted with the sorbet.finance UI on Optimism in the past and notice some glitches such as wallet balance and tokens not loading, clear the application state in your Browser console
How to clear the application state, if having issues with Gelato:
0️⃣ Open up console
1️⃣ Go to Application
2️⃣ Select website
3️⃣ Press Clear
The THALES/ETH V3 pool will have a 0 to infinity range that’s fully immutable and trustless. No manager or contract will have access to adjust the parameters of the pool. By utilizing a pool with no management function and non-concentrated liquidity Thales can completely avoid any unforeseen risk for liquidity providers.
Our Strategy Lead padzank had this to say about Gelato’s G-UNI framework:
Gelato G-UNI framework on Optimism provides an elegant solution to the problem of providing LP incentives to non-fungible liquidity positions of Uniswap V3. With wrapping the underlying liquidity position into ERC20 LP tokens, Thales not only has the flexibility to incentivize liquidity provision on Optimism, but to also explore additional gamified reward solutions in the future by using these fungible liquidity positions.
And Ari Rodriguez, Legendary Memeber of Gelato Network, had this to say about this integration:
“THALES is another great use case for G-UNI tokens, which make Uniswap V3 positions more composable with other DeFi primitives unlocking the potential for both projects and end users. It’s also incredibly exciting to see L2 adoption of G-UNI grow.”
As always, if you have any doubts or comments the faster way to get your voice heard is by joining the Titans in Thales Discord.
The future is bright for Thales Markets on Layer 2.
Make sure you’re ready for THALES on Optimism; it’s gonna be a wild ride.
